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Report FRS 102: Major changes to revenue recognitionExplore key changes to FRS 102 Section 23, including the new five-step revenue model and its impact on financial reporting in Ireland and the UK.
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Article Changes to filing options and requirements at Companies HouseFrom April 2027, Companies House will require all UK entities to file digital accounts. Learn what’s changing and how to prepare for the new rules.
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Article FRS 102 periodic review: Small companiesExplore key changes to small company disclosures under FRS 102 Section 1A, including UK GAAP updates on leases, tax, going concern and related parties.
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Article FRS 102 periodic review: Other changesOn 27 March 2024, the Financial Reporting Council issued amendments to FRS 100 – 105 (known as GAAP, or Generally Accepted Accounting Practice), a suite of accounting standards applicable in the UK and Ireland. These are used by an estimated 3.4 million businesses in preparing their financial statements.
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Understanding psychological safety
In today’s fast-paced business environment, where agility and innovation are prized, one concept is quietly transforming how high-performing teams operate - psychological safety.
Coined by Harvard professor Amy Edmondson, psychological safety refers to a shared belief that it’s safe to take interpersonal risks at work -to speak up, ask questions, admit mistakes, or challenge the status quo without fear of embarrassment or punishment. It’s not about being nice; it’s about being real.
Why it matters and what gets in the way
For leaders, fostering psychological safety is no longer a ‘soft skill’ but a strategic imperative. Research consistently shows that teams with high psychological safety outperform others in creativity, collaboration, and resilience. In fact, Google’s famous Project Aristotle found it to be the single most important factor in effective teams, more than talent, experience, or even clear goals.
So why is it still so rare?
Many workplaces remain dominated by fear-based cultures, where silence is safer than honesty. Employees hesitate to speak up, fearing they’ll be labelled difficult, incompetent, or disloyal.
This stifles innovation and leads to costly mistakes as problems often remain unspoken until they become crises.
Building safety through leadership and culture
Creating psychological safety starts at the top. Leaders must model vulnerability, admit when they don’t have all the answers, and actively invite dissenting views. It’s about shifting from ‘leader as expert’ to ‘leader as learner’. When leaders ask, “What am I missing?” or “What do you think?” they signal that every voice matters.
It also means responding constructively to bad news. If someone flags a risk or admits an error, the reaction must be curiosity, not criticism. The goal is to learn, not to blame. Over time, this builds trust -and trust is the foundation of psychological safety. Importantly, psychological safety doesn’t mean avoiding accountability. In fact, it enables it.
When people feel safe, they’re more likely to own their mistakes, seek feedback, and strive to improve. It’s the difference between a culture of fear and a culture of growth.
In Northern Ireland, where many organisations are navigating complex change -from digital transformation to evolving employee expectations -psychological safety can be a powerful lever. It helps retain talent, unlock innovation, and build cultures where people thrive. As leaders, we must ask ourselves: are we creating environments where people feel safe to speak up, challenge us, and be themselves? Or are we unknowingly rewarding silence?
The good news is that psychological safety isn’t a mystery, it’s a muscle. It can be built, one conversation at a time. And in a world where change is constant, it may just be the quiet superpower that sets great teams apart.